ICICI Prudential Elite Wealth II Plan

Key Features

• It is a unit linked plan with Limited Pay, Single Pay and Regular Pay option
• There are 2 Investment strategies: Fixed Portfolio Strategy where there is a choice of 8 funds for investment purposes and Lifecycle based Portfolio Strategy where the investment choice depends on the age of the policyholder
• The following 7 funds are available for investment under the Fixed Portfolio Strategy:
  • Opportunities Fund
  • Multi Cap Growth Fund
  • Bluechip Fund
  • Maximizer V
  • Multi Cap Balanced Fund
  • Income Fund
  • Money Market Fund
• Under the Fixed Portfolio Strategy, there is also a choice of Automatic Transfer Strategy (ATS) where all or a part of the investment is allocated in Money Market or Income Fund and then gradually, the investment is transferred to any of the remaining 7 funds every month every year of the term
• Under the Lifecycle based Portfolio Strategy, the investment is split in a fixed ratio between the Multi Cap Growth Fund and Income Fund depending on the age of the policyholder. This ratio is balanced quarterly for uniformity and towards maturity, the fund is transferred to the Income Fund to protect against market volatility
• Loyalty Additions, Additional Loyalty Additions and Wealth Boosters enhance the Fund Value

Benefits

• The insured will get the total Fund Value including Top-up Fund Value on Maturity
• Maturity Proceeds can be availed in equal instalments post maturity over a period of 5 years through the Settlement Option
• On death of the policyholder, higher of the Sum Assured including Top-up Sum Assured net of Partial Withdrawals or Fund Value including Top-up Fund Value or Minimum Death Benefit is payable
• The Minimum Death Benefit is defined as 105% of all premiums paid
• Loyalty Additions are added from the 6^th policy year @0.40% form 6^th year to 10^th year and 0.60% form 11^th year onwards. The % is calculated on the Fund Value as in that year
• Additional Loyalty Additions are added form the 6^th policy year @ 0.25% of the Fund Value as in that year
• From the end of the 10^th policy year and every 5 years thereafter, Wealth Boosters are added to the Fund Value @ 1% of the average Fund Value including Top-up Fund Value over the last eight quarters
• Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

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Product Specification:

Details About Premium

Illustration for a policy term of 20 years:

Policy Details

• Grace Period: 15 days grace period is allowed for monthly mode and 30 days for other modes
• Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges
• Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

• Free Partial withdrawals are allowed every year the aggregate of which should be a maximum of 20% of the Fund Value
• Unlimited Free Switching between funds is allowed for required investment portfolio
• Top-ups are allowed to increase the Fund Value. The minimum amount of top-up is Rs.2000
• The policyholder can change between the portfolio strategies chosen once every year free of cost
• Future premiums can be redirected to anew fund via the Premium Redirection option

Additional Features or Riders

• The Sum Assured, the policy term and the PPT can be increased or decreased subject to certain terms and conditions
• Income Benefit Rider is available under the plan

Exclusions

• The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value including Top-up Fund Value as on that date. Any increase in Sum Assured will not be applicable.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.